Client protection
Financial Disputes
Arbitrator.
Courtesy translation. Only the Italian version is legally binding.
The client may file a claim with the Financial Disputes Arbitrator (ACF), established at Consob, for the out-of-court resolution of disputes between investors (other than professional clients) and independent financial advisers and financial advisory firms referred to, respectively, in Articles 18-bis and 18-ter of the TUF (Consolidated Law on Finance), relating to the breach by the latter of the duties of diligence, fairness, information and transparency in carrying out the activity governed by Part II of the TUF, including the disputes covered by Regulation (EU) no. 524/2013. Disputes involving claims for sums of money exceeding five hundred thousand euro fall outside the Arbitrator’s remit. Excluded from the Arbitrator’s competence are damages that are not the immediate and direct consequence of the intermediary’s non-performance or breach of the duties described above, and those that are not of a financial nature.
The right to apply to the ACF cannot be waived and may always be exercised, even where the contract contains clauses referring disputes to other out-of-court resolution bodies.
For more information, please refer to the website acf.consob.it.
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